FOREX PRO Weekly July 02-06, 2012

minimax

2nd Lieutenant
Messages
1,290
yeah it could, but what is the probability it will today? are you prepared to hold your trade for a couple of hours? day? days? a week? weeks?

we are getting very close to 2525-2515. what happens there will give us the clue, especially if price can remain below the MPP. the weekly chart seems to give some credence to your position though, so who knows? maybe the bottom will drop out from here. i sure hope so because i am getting sick and tired of waiting for that butterfly sell to kick in on a/j.


OK, not exactly out of screen, target maximus 1,2430

ps
but we did low with some kind of impulse so upside could be open
 

Triantus Shango

Sergeant Major
Messages
1,372
EUR/USD sentiment

guys, look what i found at Flows - Foreign Exchange - EUR/USD | 4CAST


EUR/USD is still clawing away at the bids in 1.2550-60 area - thought to be a Middle East sovereign for the large part - but there seems to be limited momentum today, which does not come as a major surprise given US holiday tomorrow, and half day US finish today. However, looking ahead into the week, we feel the pair is looking to the downside again, as it has been pointed out by a number of people, that Friday's recovery was 'engineered' in an overly short EUR market and in extremely thin market conditions, and yet could still not generate enough momentum to reach 1.2700. The downside will still be littered with stubborn bids by the usual mix of Far East, Middle East and European accounts, and as such, EUR put spreads remain the more popular way to position for losses here.
 

seedof

Corporal
Messages
99
please commander Sive or any other person who's knowledgeable about this, what is the likely effect of the US holiday on market tomorrow
 

Damian1987

Corporal
Messages
149
please commander Sive or any other person who's knowledgeable about this, what is the likely effect of the US holiday on market tomorrow
My own experience tells me that it doesn't really matter. Of course it impacts the markets , some usual players are not playing the game, but still you can find good intraday opportunities (if the market is willing to show them).
EU session should be playable and US session might be a little bit quiet than normal
If you are trading the futures market keep in mind that the intraday session will finish earlier, triggering overnight margins around 1PM NYtime I think.
I've traded almost every day of the year, or at least watched the markets every day of the year. Thanksgiving, july 4th, dec 25th, etc and it has never stopped (lol). Jokes aside I wouldn't consider thinking: holiday = consolidation....I rather think holiday = less volume or a better one... holiday = not working.
Usually summer time comes with thin markets, that's what they say...but I'll encourage you to do the same homework I did when I had this question. Check out past intraday action of a given market for important holiday dates..and you will see they show normal price action. Same could be done for daily action and northern hemisphere summer holidays.
Tomorrow if God wants I will wake up and patiently wait for my edge to be present as I do every day, if market is quiet..I just study something related to trading, maybe I'll finish the day earlier..but that's all.
 

Olaadelesi

Recruit
Messages
1
:confused:I am bearish on a weekly one hr chart, based on your analysis of retracement Im confused, what can I do. Many thanks, God bless.
 

seedof

Corporal
Messages
99
thanks Damian
yeah i know market would still be active what i'm just considering is holiday is like economic activities having a slight pause if i'm not wrong.meaning it may not be too good taking side with USD. does someone think i'm right
 

Triantus Shango

Sergeant Major
Messages
1,372
just concentrate on the asian and european sessions and watch the market without bias (if possible ;-)). find the patterns. if no patterns, no trade. don't sit down at the computer with a preconceived idea of 'today i'll side with USD or EURO or whatever'. look first at what the charts tell you. then decide which side to take. as a matter of fact, the charts might tell you to side with the EURO for a quick long. and 5 mins later tell you to side with USD for a quick short (against the EURO, of course). hope my point is clear.
cheers and good luck.


thanks Damian
yeah i know market would still be active what i'm just considering is holiday is like economic activities having a slight pause if i'm not wrong.meaning it may not be too good taking side with USD. does someone think i'm right
 
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